A popular cryptocurrency analyst believes that the Meme cryptocurrency asset Dogecoin (DOGE) is poised for a major price explosion in the coming weeks.
Ali Martinez Tells His 50,700 followers on the social media platform
This move would represent an increase of approximately 500% from Dogecoin's current price.
Looking at the trader's chart, it appears that he expects DOGE to rise meteorically in the next month or so after moving above its range resistance, similar to what happened in 2017 and 2021.
DOGE is trading at $0.167 at the time of writing.
Martinez isn't the only analyst predicting a $1 DOGE price.
Earlier this week, the pseudonymous analyst known as Altcoin Sherpa told his 209,800 followers on the social media platform that DOGE could reach the $1 level with the help of one of the memecoin's biggest fans, billionaire Elon Musk.
However, Altcoin Sherpa was less confident about the timeline.
DOGE: Some random notes about this:
-I think this is doing something stupid, like going to $1 plus or something. She's got a lot of firepower with Elon and she's still king.
-When does this happen? I have no idea. It could be now, it could be six months from now.
-It will not give you the same returns for 2021 given the market value.
-This is a *relatively* safe trade in my opinion (IMO). Also I think the chances of doing multiple x's are very high. Would the risk to reward ratio be better than longing for other things like SOL? I don't know. Go as far down the risk curve as you want.
Martinez also points out that there is currently strong market sentiment regarding Ethereum (ETH) competitor Phantom (FTM).
“This phantom chart may look crowded. However, it highlights a significant rise in whale transactions, a rise in FTM whale holdings, and a decline in FTM balances on exchanges.
FTM is trading at $0.828 at the time of writing.
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